1031 exchange (also called a tax-deferred exchange or a Starker exchange) refers to the ability of investors and organizations to replace one investment for a similar one instead of keeping the proceeds. For certain transactions, the exchange allows the investor or organization to defer capital gains taxes until the new investment is actually sold for the proceeds.
A 341 meeting is a mandatory meeting held at the beginning of a bankruptcy proceeding. Also referred to as the creditors meeting, its name comes from section 341 of the Bankruptcy Code.
A/R is the abbreviation for accounts receivable.
[Last reviewed in June of 2022 by the Wex Definitions Team]
Depreciation is the reduced value of something over time. Accelerated depreciation is any loss of value where the business depreciates (i.e., accounts for the value loss of a fixed asset in tax filings) at a greater proportion of an asset’s expected lifetime value loss earlier in its life.
Generally, an account is a record, history, or report of something.
In the context of secured transactions, an account debtor is a person or entity who owes an obligation to a creditor for goods or services by virtue of an acc
An account stated is a document summarizing the amount of money a debtor owes a creditor. Account stated is also a cause of action in many states that allows a creditor to sue for payment.
An accountant is a trained professional who has satisfied the statutory and administrative requirements under applicable law to practice as a licensed public accountant. These requirements vary from state to state. The accountant is responsible for performing the accounting of a business.
Accounting is the practice of accurately and timely recording, analyzing, summarizing, and classifying financial transactions of a business. Commonly, those financial transactions are recorded in a set of financial records called financial statements.
